ISTANBUL: On Wednesday, more than a week after President Recep Tayyip Erdogan’s reelection, the Turkish lira hit a new low versus the US dollar.

Prior to the presidential election, the central bank had supported the currency, but at roughly 0645 GMT, it had fallen 5% to 22.77 lira to the dollar.

After winning a historic election runoff on May 28, Erdogan was sworn in on Saturday and appointed a new government, naming market-friendly lawmaker Mehmet Simsek as finance minister.

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